] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.

•

Adverum has severely mismanaged the scientific development of ADVM-022, its gene therapy treatment for wet AMD, and is doing a grave disservice to stockholders and suffering patients.

•

The Company has failed to address the ocular inflammation issue ADVM-022 has posed, with terribly unfortunate consequences, as illustrated by the April 28 announcement of a Suspected Unexpected Serious Adverse Reaction (SUSAR) of hypotony in its INFINITY clinical trial evaluating ADVM-022 gene therapy for the treatment of diabetic macular edema (DME). Is a patient’s blindness in one eye sufficient proof that Adverum should have done better?

•

As a result of these missteps and the Board’s complete lack of oversight, stockholders have endured massive levels of value destruction, with the latest being a ~60% drop in the stock price after the SUSAR announcement – coming after two earlier ~50% drops.

•

The incumbent Board has done nothing but attempt to further entrench itself under the thumb of Chair Patrick Machado and CEO Laurent Fischer – by employing what Institutional Shareholder Services Inc. (“ISS”) called “brute force” tactics, including massively compressing the timeline for this proxy contest, playing games with the size of the class of directors up for election, and attempting to disenfranchise stockholders of the ability to vote on “To Be Determined” director candidates.

•

The Board’s absolute commitment to entrenchment is even further evidenced by the fact that Adverum never substantively responded to Sonic’s outreach – just hours after the SUSAR announcement – attempting to initiate constructive discussions aimed at putting an end to the proxy contest and immediately focusing on the way forward. Apparently, the incumbent directors remain more interested in self-preservation at all costs rather than dealing with the medical, regulatory, financial and governance challenges threatening the Company’s success and continued existence. This Board has demonstrated that it would rather lose than compromise.

•

•

•

The potential of ADVM-022 far outmatches the abilities of those entrusted with its development. Adverum desperately needs an improved and more independent Board with experts who have the exact gene therapy and financial oversight experience that is essential to success moving forward. This is exactly what Sonic’s nominees bring.